The Trump Organization, the holding company for former US President Donald Trump’s business ventures, is reportedly set to launch a new cryptocurrency initiative. In an interview, Eric Trump, the former president’s son and the organization’s executive vice president, revealed that the new venture would deal in “digital real estate” and that it would be possible to lend or borrow money through the platform.
The announcement comes at a time when the Trump family has expressed their enthusiasm for cryptocurrency on social media. Eric Trump recently took to X, formerly Twitter, to express his enthusiasm for DeFi, saying, “I have fallen in love with crypto/DeFi. Stay tuned for a big announcement.”
I really fell in love with crypto/DeFi. Stay tuned for a big announcement…@Asset @realDonaldTrump @DonaldJTrumpJr
— Eric Trump (@EricTrump) August 6, 2024
The disruption of the traditional banking system
According to Eric Trump, this new cryptocurrency initiative could be a game changer in the banking and financial sector, bringing financial independence to people who cannot access traditional services. He said that there are many problems and inequalities in the current system, and that he would like to see a model in which loan approval decisions are made algorithmically and not by politicians.
“That’s right. It’s a guarantee that everybody can access instantly. I don’t think people understand how revolutionary this could be for the banking and financial industries,” Trump said.
Pro-Trump Crypto News
This comes at a time when the Trump team is getting involved in cryptocurrencies. Additionally, the former president has recently tried to connect with the crypto community by speaking at major events and accepting bitcoin, ether, USDC, and even memecoins as campaign donations.
Eric Trump said he fell in love with crypto. Image: Getty Images
Overcoming the Skepticism of the Past
Trump’s tone on cryptocurrencies has clearly changed since he took office. As recently as 2019, he openly denounced cryptocurrency, stating, “I’m not a fan of Bitcoin and other cryptocurrencies, which are not money and whose value is based on nothing.”
So far, his campaign has raised over $4 million in various cryptocurrencies from contributors in 12 states, including some battleground states.
Once all the details are ironed out, the Trump Organization is expected to reveal more details about its new Bitcoin project. “I think at some point, everybody wants a certain degree of financial freedom and a landscape where we’re not limited by the standards of the big banks,” Trump explained, praising DeFi’s transformative power on the economy.
As the 2024 presidential election approaches, users of the leading American fintech are jostling for votes and campaign funds. That could draw the attention of both its admirers and detractors to the Trump Organization’s foray into cryptocurrencies.
Featured image from Medium, chart from TradingView
